How long do people stay in their homes?
People move more often than they expect to, one of the findings revealed in the recently-released Property Academy Home Moving Trends Survey.
While just 23% of home movers expect to move within the next six years, the reality is that one third are likely to. This rises to 43% of first-time buyers anticipating they will stay six years or less, with just 37% staying this long in reality.
31% anticipate their new property will be their ‘forever home’, while only 28% actually ended up staying over 20 years.
The primary reason cited for selling a property was downsizing (18%), followed by upsizing (16%) and a change of scenery/ lifestyle (15%). Source: #Dataloft (https://inform.dataloft.co.uk/), Property Academy Home Moving Trends Survey 2023.
Are these figures surprising?
Are these figures surprising? Do people actually stay in their homes longer than they anticipated or do they move sooner than they thought?
Firstly, the people who thought they would stay in their new homes the longest, actually stayed around the expected time.
Secondly, and the most accurate were the people who thought they would stay 11-20 years. Just 1% between those who thought and those that did!
Thirdly, those who thought they would stay 7-10 years saw a large difference. There was a 6% difference. Here, far more moved before they thought they would!
Finally, It is hardly surprising with the market how it is right now that those who expected to move within 6 years had a larger percentage stay longer than any other group!
How does that stack up in Harlow
As Harlow estate agents, Jukes Estate Agents Harlow drilled down into the local market. This is what they found in Harlow:
Those who moved within 6 years of buying = 31%
Homeowners who moved in 7-10 years = 19%
Those who moved in 11-20 years = 24%
Homeowners who moved in 20+ years = 26%
Therefore, once again, Harlow tends to mirror national statistics!